Abn Amro

FEATURED ARTICLES ABOUT ABN AMRO - PAGE 4

MUMBAI: Citigroup, the world's largest financial services entity, on Tuesday announced that it is acquiring ABN Amro's direct custody, securities clearing and fund services businesses in eight countries across select European and Asian markets, including India. According to sources, Citi is likely to pay below $50m for the transaction. In these markets, ABN Amro has assets under custody of $240bn which will be added to Citi's Global Transaction Services (GTS) unit's $7 trillion custody portfolio.

TAIPEI: ABN Amro said Friday it had won a government auction for the Taiwan branch network of ailing Taitung Business Bank which will add significant scale to its franchise on the island. "ABN Amro currently has five branches in Taiwan, this acquisition allows us to expand our network to 37," Jeroen Drost, chief executive officer of ABN Amro in Asia said in a statement. Under terms of the auction, the government's Financial Restructuring Fund will grant the winning bidder 6.899 billion Taiwan dollars (209 million US)

LONDON/AMSTERDAM: ABN Amro Holding CEO Rijkman Groenink was triumphant as he celebrated victory in a year-long battle to buy Italy's Banca Antonveneta. Amsterdam-based ABN Amro, the largest Dutch bank, had become the first foreign lender to buy a major bank in the European Union's most-lucrative consumer banking market. The e7.5 bn ($ 9.6 bn) acquisition is part of Mr Groenink's strategy to build up the bank's consumer and business clients in four markets: the Netherlands, Italy, the US Midwest and Brazil.

MUMBAI: Ambit Holdings on Thursday announced the appointment of Sutapa Banerjee as head of the Wealth Management arm at Ambit Capital. In her new role, Banerjee will be responsible for establishing the wealth management business while providing impetus to the private client business. In her last assignment, Banerjee was the head - private banking in India for ABN Amro and also lead the consumer banking business in India. Before ABN Amro, she worked with ANZ Grindlays Bank.

AMSTERDAM: The Dutch state-owned bank ABN Amro said on Wednesday it intends to convert 2 billion euro ($2.7 billion) in bonds issued by the former Belgian bank and insurance company Fortis into shares of Fortis's successor, insurer Ageas NV . The Dutch state holds the bonds since it nationalized much of Fortis - including all its Dutch-based banking assets - in October 2008, as Fortis slid toward a bankruptcy that...

LONDON: A European banking consortium led by Royal Bank of Scotland on Monday ramped up the cash part of its 71.1-billion-euro bid for Dutch group ABN Amro in an attempt to beat a rival offer from Barclays. RBS, Banco Santander of Spain and Belgian-Dutch group Fortis are hoping to persuade ABN Amro to ditch a bid by Britain's Barclays that is worth 67 billion euros. Barclays issued a separate statement on Monday, predicting that RBS would face "considerable" regulatory and shareholder hurdles and describing its all-share offer represented a better deal.

THE HAGUE: The Belgian-Dutch bank Fortis said on Wednesday it would sell some of the commercial banking activities in the Netherlands of the ABN Amro bank to Deutsche Bank for 709 million euros ($1.12 billion) in cash. Deutsche Bank will acquire two corporate client units, 13 commercial advisory branches, parts of the Hollandsche Bank Unie NV and the services company IFN Finance BV, Fortis said. The sale is in line with commitments made to the European Commission, which imposed conditions on Fortis's activities on the Dutch banking market following the bank's acquisition of some of ABN Amro's activities last year, it added.

MUMBAI: Citigroup, the world's largest financial services entity, on Tuesday announced that it is acquiring ABN Amro's direct custody, securities clearing and fund services businesses in eight countries across select European and Asian markets, including India. According to sources, Citi is likely to pay below $50m for the transaction. In these markets, ABN Amro has assets under custody of $240bn which will be added to Citi's Global Transaction Services (GTS) unit's $7 trillion custody portfolio.

MUMBAI: Citigroup, the world's largest financial services entity, on Tuesday announced that it is acquiring ABN Amro's direct custody, securities clearing and fund services businesses in eight countries across select European and Asian markets, including India. According to sources, Citi is likely to pay below $50m for the transaction. In these markets, ABN Amro has assets under custody of $240bn which will be added to Citi's Global Transaction Services (GTS) unit's $7 trillion custody portfolio.

BANGALORE/NEW DELHI: Top outsourcing firms including TCS, Infosys and Patni Computer wait for more clarity at RBS-owned ABN Amro, as the management remains undecided about outsourcing deals worth $400-500 million signed by the erstwhile Dutch bank four years ago with these vendors. In April 2005, ABN Amro had announced several contracts worth nearly $2.5 billion, due to be renewed in 2010. While IBM had won the lion's share of the deal (around $2 billion) for managing the bank's servers, desktops and other IT infrastructure, Accenture, TCS, Infosys and Patni shared $400-500 million worth of contracts for software application, development and maintenance.